NZD/USD Daily: Broke Above Pivot Level after Spinning Top
Trading Idea: Long positions above 0.7675 targeting 0.77
Technical reasons why: After breaking above the Ichimoku cloud the pair formed a spinning top on Friday followed by strong bullish sentiment beginning of the week, to continue within a rising channel.
Event Risk: US Consumer Confidence out at 3 PM GMT. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. A better than expected outcome will strengthen the USD ultimately resulting in drops in NZD/USD
Alternative Scenario: Below pivot level at 0.76 look for further drops targeting 0.7460
Suggested stops and limits:
|Support Levels||Turning Point||Resistance Levels|